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The three major components of a payroll system are:
- payroll register: it is used to assemble and summarize data for each payroll period,
- employee's earnings record: it provides detailed information for each employee, and
- payroll checks, direct ATM deposits or cash, usually accompanied by a statement showing all the deductions.
PAYROLL REGISTER
The payroll register is a multicolumn journal used to assemble and summarize payroll data. Information that can typically be found is the following: employee names, total hours worked, regular earnings, overtime earnings, total earnings, tax deductions, net amount paid, check number, and a debit to an expense account. Checks are recorded in the payroll register so no other records need to be maintained on payments. The accuracy of the payroll register can be determined by cross-verification of its columns. The regular and overtime pay columns should always be equal to the salary and wage expense columns.
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